Amid the launch of spot Bitcoin ETFs on US stock exchanges, the price of the leading cryptocurrency has surpassed the $48,000 mark.
The rapid price increase is accompanied by a surge in trading volumes.
At the time of writing, the leading cryptocurrency is trading around $48,700, up 7.5% over the past 24 hours, according to CoinGecko.
Shortly after reaching a local high of $49,000, the price of digital gold corrected to the $46,000 level.
On the eve of the debut launch on Nasdaq, during the pre-market session, the price of BlackRock’s spot Bitcoin ETF (IBIT) exceeded its NAV by 25.6%.
Bloomberg analyst James Seyffart noted that 30 minutes after the start, trading volumes for the new products exceeded $1.2 billion.
Spot #bitcoin ETFs crossed $1.2 billion in trading volume in first 30 min of trading!
It’s not fancy but here’s the Cointucky Derby as im watching it. @vaneck_us‘s $HODL got a later start than the others but @Grayscale‘s $GBTC and @BlackRock‘s $IBIT are HOT out of the gate. pic.twitter.com/FKYev3JSrq
— James Seyffart (@JSeyff) January 11, 2024
The surge in the price of digital gold positively impacted altcoin prices. Ethereum, Solana, XRP, and Avalanche outpaced the crypto market leader in growth rates over the past day.
On the evening of January 10, the US Securities and Exchange Commission announced the approval of 11 applications for spot exchange-traded funds based on the leading cryptocurrency.
The approved issuers include Bitwise, Grayscale, Hashdex, BlackRock, Valkyrie, BZX, Invesco, VanEck, WisdomTree, Fidelity, and Franklin Templeton.